Travel insurance has long been a confusing topic for travel agents and travelers alike. So it is no surprise the constant changes within the industry sometimes cause confusion with a hint of irritation. But we’re here to tell you not to worry. Travel insurance is constantly changing, yes, but here is why you shouldn’t worry.
Compared to the most common forms of insurance, travel insurance is still fairly new. Yes, we said new. Fifty years is not a long time in the scope of data and regulations. Data is used aggressively in insurance, and it’s not to beat those purchasing it out of their claims for profit, but is used to plan how the products can better serve the public while still remaining in business.
Products as complex as the insurance market’s are in need of constant evolution. We wish the changes weren’t always necessary, too. But if we weren’t constantly striving to offer better products and better services, we wouldn’t be able to reach our goals in helping travelers manage risks.
Where do these changes come from and what motivates them? Sometimes changes come from data and experience, while others aim to be proactive in meeting the needs of travelers. Most importantly, some changes manifest from government regulations on both state and federal levels.
While this may seem heavy handed, the government, the travel insurance company and underwriter’s main goal here is to keep a high standard for the travel insurance industry, and to be sure the travelers purchasing the products are well taken care of.
One thing TravelSafe has always been proud of is its innovation. We have always been willing to work with our underwriters to meet both the government regulations and the needs of travel agents and travelers. We may be one of the first companies to adopt change in our plans and policies, but it is because both ourselves and our underwriter want to actively serve the needs of travelers while responding appropriately to industry regulations. We want to fall in line with industry compliance while serving travelers across North America.
So when you fear the next big change you see coming, be sure to ask yourself whether this change is truly disruptive or if it is to better the experience, the products and the industry as a whole.
